EUO vs. IAU
EUO (ProShares UltraShort Euro) and IAU (iShares Gold Trust) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, EUO returned 2.24%/yr vs 12.31%/yr for IAU. At a correlation of -0.37, they often move in opposite directions. EUO charges 0.99%/yr vs 0.25%/yr for IAU.
Performance
EUO vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 5.15% return, which is significantly higher than IAU's -2.44% return. Over the past 10 years, EUO has underperformed IAU with an annualized return of 2.24%, while IAU has yielded a comparatively higher 12.31% annualized return.
EUO
- 1D
- 0.86%
- 1M
- 2.86%
- YTD
- 5.15%
- 6M
- 5.13%
- 1Y
- 5.08%
- 3Y*
- 0.15%
- 5Y*
- 5.46%
- 10Y*
- 2.24%
IAU
- 1D
- 0.08%
- 1M
- -10.21%
- YTD
- -2.44%
- 6M
- -2.22%
- 1Y
- 23.95%
- 3Y*
- 29.07%
- 5Y*
- 17.23%
- 10Y*
- 12.31%
EUO vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 5.15% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
IAU iShares Gold Trust | -2.44% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between EUO and IAU is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | -0.37 |
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Return for Risk
EUO vs. IAU — Risk / Return Rank
EUO
IAU
EUO vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and iShares Gold Trust (IAU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EUO | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.19 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.99 | -0.35 |
| Martin ratioReturn relative to average drawdown | 1.43 | 2.83 | -1.40 |
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Drawdowns
EUO vs. IAU - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for EUO and IAU.
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Drawdown Indicators
| EUO | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -45.14% | +6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -24.40% | +16.35% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -24.40% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -24.40% | -0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -24.40% | -5.21% |
Current DrawdownCurrent decline from peak | -17.96% | -22.03% | +4.07% |
Average DrawdownAverage peak-to-trough decline | -18.50% | -15.97% | -2.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.56% | 8.47% | -4.91% |
Volatility
EUO vs. IAU - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 3.01%, while iShares Gold Trust (IAU) has a volatility of 7.70%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 7.70% | -4.69% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 23.94% | -15.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.72% | 27.17% | -14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 18.16% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.88% | 16.02% | -1.14% |
EUO vs. IAU - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
EUO vs. IAU - Dividend Comparison
Neither EUO nor IAU has paid dividends to shareholders.
Frequently Asked Questions
EUO and IAU have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (7.70%) compared to EUO (3.01%). In terms of maximum drawdown, EUO dropped -38.58% vs IAU's -45.14%.
On 10-year performance, IAU leads with 12.31% vs 2.24% for EUO. On fees, IAU is cheaper at 0.25% per year. On volatility, EUO has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 12.31% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.99% for EUO.
EUO and IAU have nearly identical dividend yields, around 0.00%.
EUO is categorized as Leveraged Currency, while IAU is Gold. EUO tracks USD/EUR Exchange Rate (-200%), while IAU tracks LBMA Gold Price. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.99% for EUO and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.89 vs 0.40), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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